August 21, 2013
More On Self-Funding
Posted by David Zaring
It was one of Mary Schapiro's chief goals as SEC Chair (see this testimony to Congress begging for the ability to assess fees on public corporations), but Congress likes having purse strings to hold over the agency.  Yesterday, I told you that the Fed would be assessing a $440 million annual charge on big financial institutions to pay for its new Dodd-Frank supervision obligations.  That's on top of what the Fed already charges its regulated industry - and the new levy amounts to 1/3 of the total budget of the SEC, and the Fed oversees a much smaller number of companies (though it does so much more intensively).  The Fed is the most independent of agencies; the SEC suggests that other agencies outside of the executive branch are most beholden to their appropriators.

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